Morgan Stanley and Bank of America exceeded third-quarter financial expectations, with strong performances from dealmakers and traders. M&A and IPO activity is increasing, keeping bankers busy. A volatile market is driving trading desk activity. Bank of America anticipates a record year in sales and trading revenue, with investment banking fees up 43%. Debt and equity underwriting also saw significant increases.

Read more at Barron’s: Banks’ Wall Street Businesses Boom as Executives See Staying Power